Korean Job Discussion Forums

[ytuque]

Holy snot rockets! The Korean won has as much support as an 80 year old ex-stripper.

[ttompatz]

[ytuque]

That was a rapid 10% decline in won-dollar.

[Adventurer]

Frankly, when I get my next paycheck I am going to wire home money ASAP. I expect the won to decline even further. They are going to have to raise salaries for sure if the won has declined and the regulations are more of a headache.

[ytuque]

Did salaries increase during previous bouts of won weakness? I haven't noticed salaries increasing on job posting here.

[Grab the Chickens Levi]

[rsmm0224]

I would be surprised if they raised salaries, 2.0-2.3m is still a decent wage here. They're not paying you based on the economic condition of another country. But I'm no expert, just saying I would be surprised.

Besides...

I think of far more greater concern is what does Korea's future hold? America is a prime example that prosperity doesn't last forever. Koreans all drive new cars, wear flashy clothes and I may not be able to understand Korean but I know what the hell 35% means when I see it flash by on the small print of a credit card commercial.

I don't know actual figures and so will refrain from saying "most" but America buys a WHOLE FREAKING LOT of Korea's products. How many Hyundai cars go over each year? How many LG TVs? How many Samsung phones? If America is in a recession, then Korea WILL start to feel it. Hell, gimbop is already up 500 won!

Someone with more experience in international economics please let me know if I'm talking out my ass here. But I think Korea is in for some very hard times of its own in the not too distant future.

[Adventurer]

With a combination of a drop in the won and the regulations, it would make sense for some increase even if it is not much. They can't completely ignore the ideas of supply and demand. If the demand is still high, but the offer is less attractive less people will want to come, because the opportunity cost increases. I can't believe I remembered my economics courses. A 10% decrease in the currency's value and more than a 25% increase in time to do everything should translate at least to a modest increase. If it requires the same amount of paperwork to go to a hagwon as a public school, this will help the public sector.

[marlow]

[ttompatz]

[justaguy]

I've been able to compensate for the difference by drinking less whiskey and drinking more soju.

[kimchipig]

The law of supply and demand is indeed in play. There are scads of illegal "teachers" working for less than they should. There are probably more illegals than legals. I recently read in the Korea Lies, oops Times, that there were 27,000 E-2 visa holders and at least double that amount of illegals. This compares to 49,000 E-2 visas at the peak in 1996 when exchange rates were very good indeed.

Added to this is that the Korean government is talking about lowering standards even more. Fact is, Korea is not the place to be anymore; other places have passed it, especially China. Salaries are not matching Korean inflation by a long shot, let alone exchange rates.

So, for your big $2,000 a month, less utilities and maintenance fee, you get to live in a polluted place where the population collectively hates you.

But if I were there, I would be trying to justify it, too.

[mnhnhyouh]

Wow, a whole page with nobody saying that paying more won per dollar means the won is going up....

Maybe Daves is Sparkling.


h

[marlow]

[cazzy3]

let's be thankful we don't have to convert it to the euro or the pound...then we'd really be hurting. plus, the won is hurting against the dollar and the dollar is hurting against almost every other currency...not looking good.
**if you plan on traveling this summer, but your tickets ASAP because tix are gonna go through the roof this summer.